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Article

Macro-Sectors in the Russian Economy:Structural Aspects and Responses to the External Conditions Changes

The Journal of the New Economic Association. 2018. Vol. 3. No. 39. P. 102-110.
N.V. Akindinova, A.G. Nazarova, A.A.Chepel'.

This article reviews structural changes in the Russian economy in 2005—2016 in comparison to some developed and developing countries. The authors suggest an institutional explanation of the slowdown of the structural changes in Russia. The assessment of the model of value added structure for the cross section of the primary income groups (hidden wages and salaries included) is followed by discussion of the relationship between gross operating surplus and investment activity (fixed capitalinvestments) in three macro-sectors of the Russian economy: primary commodity-driven business, large non-primary commodity-driven business, and small and medium size enterprises (SME). The article demonstrates that the growth of the rate of profit share in the value added structure contributed to the investment growth only in the primary commodity-driven macro-sector. In general non primary commodity-driven sector the rate of investment declined while profit share increased. In SME sector the rate of investment grew while profit share declined and wages and salaries share grew (including hidden wages and salaries). The authors suggest that structural policymakers could benefit from the focus on specific institutional differences between the macro-sectors while shaping the structural policy agenda.